Oil and Gas News

Norway Marks 50 Years With Oil, Awards Biggest Ever Number of New Blocks It was in 1969 that oil company Philips made the first major discovery of oil in Norwegian waters. Fifty years later, Norway is one of the richest…

Russia prefers to stay out of any fresh oil production cuts led by OPEC’s leader Saudi Arabia, Reuters reported on Thursday, quoting two high-ranking Russian sources. Russia—which together with Saudi Arabia and some Arab Gulf producers has been raising production…

Oil price jumps 5 per cent on reports Opec has agreed to cut production The oil price rose as fears of oversupply were assuaged by a promise to cut production The price of oil jumped by as much as 5.4 per cent on…

OPEC Expected to Cut Oil Output OPEC and its allies will announce production cuts to check a slump in oil prices when they meet next week, according to a Bloomberg survey. (Bloomberg) -- OPEC and its allies will announce…

Clair Ridge BP has produced first oil from the Clair Ridge project offshore in the U.K. Clair Ridge is the first offshore deployment of BP’s enhanced oil recovery technology, LoSal®, which has the potential to increase oil recovery from…

India is taking two steps forward, one back in its quest for energy independence The discovery in September of two new fields by India's Oil and Natural Gas Corp (ONGC) marks a step forward in the country's problematic strategy of energy independence,…

Natural Gas Soars 20% in U.S. on Concerns About Winter Supplies Natural gas soared the most in nine years as forecasts for lingering U.S. cold spurred concern that supplies may not be adequate to meet demand over the winter. Gas…

U.S. Retail Imports Slow Down Port of Charleston, U.S. Imports at the U.S.’s major retail container ports have slowed down from their pre-holiday peak but remain at unusually high levels as retailers continue bringing in merchandise before tariffs increase…

(Bloomberg) -- Oil companies saw soaring profits during the third quarter as they emerge worst-in-a-generation crude slump. The main takeaway is that while results are mostly above or in line with expectations, it’s getting harder to impress investors, even with…

Investment in Oil and Gas Needs to Increase by Twenty Percent file photo Published by MAREX 2018-10-28 Wood Mackenzie forecasts that global oil and gas development spend needs to increase by around 20 percent to meet future demand growth and ensure companies…